How to Find the Best Virtual Bookkeeping Service for Your Business

However, credit score alone does not guarantee or imply approval for any credit card, financing, or service offer. Pilot is a finance, accounting, and tax services firm built for VC backed startups. It integrates with a number of fintech tools (like Gusto, Expensify, etc.) to make it easier to use its services. Individuals who are successful bookkeeping professionals are highly organized, can balance ledgers accurately, have an eye for detail and are excellent communicators. At the end of the accounting period, take the time to make adjustments to your entries. For example, you may have estimated certain invoices that are later solidified with an actual number.

Do you need add-on services outside of basic bookkeeping tasks?

You need to use them in smart ways that will attract and convert new customers. Select businesses earn BBB Accreditation by undergoing a thorough evaluation and upholding the BBB Accreditation Standards. Laura is a freelance writer specializing in small business, ecommerce and lifestyle content. As a small business owner, she is passionate about supporting other entrepreneurs and sharing information that will help them thrive. If you go this route, make sure to brush up on interview questions that’ll help you determine who’s the best fit. QuickBooks and other bookkeeping software give you a tool to do your own bookkeeping.

Bookkeeping 101: Bookkeeping Basics for Small Businesses

Virtual bookkeeping, also known as cloud accounting, is when a bookkeeper or accountant works with their client remotely. This is made possible through accounting software that allows you and your bookkeeper to share an account. In this arrangement, the accountant and business must utilize the same accounting software to ensure the proper transfer and communication of files. There are countless options out there for bookkeeping software that blends a good price with solid features and functionality. When you keep detailed, organized records of your business transactions, tax season suddenly won’t feel like such a daunting chore.

Balance Sheet

Whether you do the bookkeeping yourself or hire someone to do it, certain elements are fundamental to properly maintaining the books. Some of these elements are done more regularly than others to ensure that the books are always up to date. Other elements are completed at certain time periods as necessary to complete a business task. Additionally, Bookkeeper360 is unique in the way their plans are designed. Each plan is developed based on the frequency in which you need bookkeeping assistance. A Live bookkeeper cannot begin cleaning up your past books until they receive the required supporting documentation, which your bookkeeper will request from you after your first meeting.

• This ledger acts as a tool to summarize your business’s overall financial performance and should include revenues, business expenses, and any other financial information your company chooses to keep track of.
• See our overall favorites, or choose a specific type of software to find the best options for you.
• We consider the opinions of users and the service’s ratings on various review sites.
• The service doesn’t include financial advisory services, tax advice, facilitating the filing of income or sales tax returns, creating or sending 1099s, or management of payroll.
• Freelancers and startups that work remotely will often appreciate the iOS mobile app that provides financial reporting functionality and real-time cash flow updates.
• Unfortunately, if flexibility is what you’re looking for, Merritt Bookkeeping may not be for you since you can only import data from QuickBooks Online.

PCMag.com is a leading authority on technology, delivering lab-based, independent reviews of the latest products and services. Our expert industry analysis and practical solutions help you make better buying decisions and get more from technology. You want the product to allow room for your business to grow, but you don’t want to spend a lot of extra money on features you may never need. Most of the accounting services we reviewed are available in multiple versions, so you can start at the low end and upgrade to a more powerful edition that looks and works similarly. Reports are your reward for keeping up with your daily accounting and doing it correctly.

800Accountant: Best for Combination of Business & Personal Planning

Bookkeeping is how businesses, entrepreneurs, and decision-makers monitor a company’s overall financial health and activity. Without basic bookkeeping practices, it’s easy for financial transactions and spending activities to get out of control, which can lead to confusion, disorganization, and loss of profit. Bookkeeper.com is an all-around solid pick for small to midsize businesses that might want additional payroll and tax help business bookkeeping services down the road. But Merritt Bookkeeping is a cheaper option, inDinero has even more add-ons, Bench’s bookkeepers work seamlessly with your own CPA, and Bookkeeper360 integrates with some of our favorite HR and payroll providers. The virtual bookkeeping providers above might be our favorite—but if they don’t quite fit your needs, we understand completely. Here are three other online accounting service providers worth looking at.

Country Bookkeeping & Payroll

Sign up today and we’ll do one prior month of your bookkeeping and prepare a set of financial statements for free, valued at $299. If you’re unsure if cash basis bookkeeping will work for your business, talk to us. We’d be happy to understand the needs of your business and determine if Bench is a good fit for you. For S-Corps, C-Corps, and Partnerships, you can add-on personal filing for 1 partner or shareholder for just $59/mo when billed annually or $69/mo when billed monthly. Once you securely connect your financial accounts to the Bench platform, we’ll pair you with a dedicated bookkeeper.

• Merritt Bookkeeping also lacks tax or consulting services, and its bookkeeping services are limited to account reconciliation and preparation of financial statements.
• Our partners cannot pay us to guarantee favorable reviews of their products or services.
• There’s no extra fee or hourly charges for support—we’re always happy to nerd out about bookkeeping and your financial statements.
• Bookkeeping is the practice of organizing, classifying and maintaining a business’s financial records.
• Designed for startups that have high growth potential and use accrual basis accounting.
• Most accounting software does this for you, so you don’t need to worry about an extra step.
• Wave, also sometimes known as Wave accounting, is the best free accounting software, although it’s not as free as it used to be.

Spend less time bookkeeping and more time growing your business.

The tips below are industry standards that will help any small business excel at bookkeeping. We weighted each category equally to calculate our star ratings, and we also considered our accounting expert’s opinion and advice when ranking our top brands. Sign up to receive more well-researched small business articles and topics in your inbox, personalized for you.

• Without it, it’s nearly impossible to produce an accurate record of financial activities that affect everything, from profit to equity to payroll, and more.
• You also have the option to build a Custom Plan that offers controller support, and fractional CFO services.
• The Premium plan ($399 a month if billed annually or $499 billed monthly) adds tax advising services, end-of-year tax filing, and financial strategy planning.
• While you’re thinking about your money, you might also like to consider our reviews of online payroll services and personal finance apps.
• If you were hoping for a one-stop shop that can tackle all of your financial needs, Merritt might not be the right choice for you.

Best for Inventory Tracking

With a flat fee of $190 per month, Merritt is one of the most affordable, straight-forward priced solutions out there. Expert Assisted is a monthly subscription service that requires a QBO subscription and provides expert help to answer your questions related to the books that you maintain full ownership and control. An expert can guide you through QBO setup and answer questions based on the information you provide; some bookkeeping services may not be included and determined by the expert. For more information about Expert Assisted, refer to the QuickBooks Terms of Service. Each plan comes with a finance expert, automated transaction imports, P&L, balance sheet and cash flow statements.